FALCON POWERS – A recent report stated that the United States is lagging behind China by up to 15 years in the development of advanced nuclear power, as Beijing is outpacing the US thanks to its state-backed technical approach and extensive financing.
A study conducted by the Information Technology and Innovation Foundation, a Washington-based research institute, found that China has 27 nuclear reactors under construction, with an average construction time of around 7 years – much faster than other countries.
The report’s findings state that “China’s rapid deployment of the newest nuclear power plants has resulted in economies of scale and learning-by-doing effects over time, suggesting that Chinese companies will gain an increasing innovation advantage in this sector going forward.” The United States has the largest fleet of nuclear power plants in the world, and the Biden administration considers this emissions-free electricity source crucial to tackling climate change. However, after the completion of two large plants in Georgia in 2023 and 2024, at costs that exceeded budgets by billions of dollars and after years of delays, there are no new nuclear reactors under construction.
China’s state-owned banks can provide loans at interest rates as low as 1.4%, far below Western economies.
The world’s first fourth-generation, gas-cooled high-temperature reactor began operating in Shandong, China last December. The Chinese Nuclear Energy Association says the project uses 93.4% locally produced materials.
